With Abandoned Properties Everywhere, Price of Land in Centro Rises

In four out of five key “Centro Histórico” neighborhoods (Santiago, Santa Ana, San Sebastián, San Cristóbal and Mejorada), there are far more abandoned properties than homes under construction. But rental prices have risen to new heights in some areas.

A tally and assessment of Centro homes and neighborhoods was recently released by Alejandro Gil Sandoval, the director of the Office of Management for the Historic Center Board (Patronato del Centro Histórico de la Ciudad de Mérida).

One neighborhood popular with foreigners and tourists came off swimmingly.

Santiago is the most expensive, and most active historic neighborhood of the five, and its prices are now actually competing with those of the most exclusive areas in the North side of Merida.

Properties on the Paseo de Montejo in 2006, were vacant and dilapidated before they were transformed into the chic Rosas y Xocolate Boutique Hotel. (Photo: Flickr)A former bodega on Calle 47 in Merida’s Centro sits abandoned and decaying while properties all around it are being renovated. (Source: Imagine Merida)

“In Santiago, a rental house ranges from $1,700 US to $3,000 US monthly, sometimes reaching $7,500. Most of them are furnished with a pool, terrace, garage and garden, but not necessarily with services like a housekeeper“, said Gil Sandoval.

Alejandro Gil Sandoval

Gil Sandoval singled out San Cristóbal for an overabundance of street vendors, bad sidewalks and poor street lighting.Gil Sandoval added that Mejorada and Santa Ana also have a concentration of high-value properties, as they have similar characteristics to those of Santiago, but in contrast, San Cristóbal, San Juan and San Sebastian, all south of the Plaza Grande, have “the greatest shortcomings” of the Historic Center.

“People are not to blame, it is the dynamics surrounding them that doesn’t allow a higher appraisal,” he noted, later adding, “Of all the neighborhoods, Santiago is best laid out and close to cultural activities, but in San Cristóbal there are people living next to warehouses, which changes the situation completely.”